WHAT! WHY IS MY PLAN TERMINATED?!

WHAT! WHY IS MY PLAN TERMINATED?!

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Many healthcare plans will not be renewing for the 2017 year and members with the following carriers have already received a Letter of Termination. If you are insured by one of these plans, it is urgent that you contact your agent to choose and enroll in a different plan for the 2017 year.

Aetna, Cigna, Humana, Coventry, United, and other Individual Medical plans for Under 65 (in other words, not Medicare Plans) are being automatically terminated.

“It’s not you”: Due to complications of the Affordable Care Act, many insurance carriers have made the difficult decision to withdraw from the Individual Medical market. What led to this decision? To put it simply, an insurance company can only serve its customers if it has enough money to pay the claims of those who need to use their product’s benefits.

One challenge that effects individual medical coverage is this: When the ACA was initially enacted, one of the main goals of the law was to make sure patients could become insured right away, even if they had preexisting medical conditions, and even if they would require costly medical treatments at the same time as their first premium payment was made. Before the ACA, medical insurance companies remained viable because they pooled the premiums of healthy and unhealthy customers together. Not everyone on a plan would need a lot of medical care, so a predictable total of claims would be paid each year. Because the ACA’s initiatives created an imbalance in the risk planning of insurance companies, certain assurances were made to the companies that were meant to assist them in avoiding the losses of covering so many unhealthy patients at once. Unfortunately, the measures have not produced enough protection and financial losses accumulated. So, although these insurance carriers will keep doing business in other markets, they have chosen not be participate in the Individual Medical Insurance market.

Do Not Wait: Insurance customers have become accustomed to automatically being renewed from year-to-year during the Open Enrollment Period for healthcare. This year, however, many insureds will simply be terminated with a notice from their plan.

Our company has always had the goal of contacting all of our individual clients to make sure they are enrolled in a plan each year, but because so many plans are being terminated we are requesting that our clients do not wait. If you have not already enrolled in your 2017 plan, make sure to contact your agent for your 2017 coverage today to avoid tax penalties and termination of benefits.

Tax Penalties?: Federal Law requires a compliant medical insurance plan be purchased for the year 2017 by the end of the Open Enrollment Period. Tax Penalties are due for non-compliant plans, gaps in coverage dates, or for lack of coverage for household members. The Open Enrollment Period for 2017 is November 1, 2016 until January 31, 2017. See more about tax penalties HERE.

Is there any good news?: Yes, there are still plans, both on the Health Insurance Exchange and outside of the Exchange, for individuals and their families. And the ACA provisions that offer assistance in premiums, deductibles and copays are still being offered. An independent agent can enroll you in these plans, or help review a plan you may have already enrolled in online.

What if I still have my plan?

The 4 Most Important Questions: We can help you answer the 4 most important questions you should be asking now! Your health insurance enrollment review is your opportunity to get coverage, or to maximize the healthcare dollars you are already spending. The market is changing rapidly and you only have until January 31st to complete your health insurance review and enroll in a plan.

Let us get you the answers to 4 questions that make a difference for you:

Are my preferred providers still on my plan?

Does my change in household income or job status lower my premiums payments?

Does my insurance plan qualify to avoid a penalty? How much would I owe?

What is the best way to compare all the available plans and get a better plan for 2017?

We are specialists with over 20 years of experience in helping people find their best healthcare options. We will even tell you if your current plan is the best for your needs in 2017.

Why go it alone? Put us to work for you and receive your no-obligation enrollment review.

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CSR & Associates, The Benefits Group is an insurance agency dedicated to meeting the insurance protection needs of employers, individuals and families. Our agency is distinguished by our ability to identify your insurance needs and bring to you the most beneficial protection available, at the most reasonable cost, with the highest quality of professional service.